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West Africa’s Top Banks in 2021 – Zenith Bank tops the table again

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In September 2021 Central Bank of Nigeria (CBN) governor Godwin Emefiele said he was optimistic that “by the end of the year, our economy will not only close the output gap brought about by the 2020 recession… we would end the year with an annual GDP growth of between 2.5% and 3% up from -1.92% in 2020”.

He added that economic damage to businesses was containable: “Our non-performing ratio in the banking industry in July 2021 stood at 5.4%, reflecting continued improvement from 6% in September 2020.”

The CBN reports that the banking sector capital adequacy ratio (15.5%) and the liquidity ratio (41.3%) have remained above prudential limits.

On 14 September CBN announced plans to launch a Nigerian International Financial Centre in the coming 12 months. This comes weeks after positive news stories in July of backing from the City of London for Kenya’s Nairobi International Financial Centre and £132m ($183m) of new UK investments into Kenya.

The launch of Nigeria’s digital currency, the eNaira, will provide opportunities but could also impact on the revenue models of financial institutions.

Zenith Bank tops the table again

For the size of its economy, Nigeria’s quality banks do not feature very high in our overall ranking of Africa’s Top 100 Banks in 2021. Top regional bank is again Zenith Bank, up from #14 last year to #13 with tier 1 capital up 15% to $2.3bn.

The Top 100 Banks survey ranks the banks according to their Tier 1 capital. This consists of: capital + reserves + retained earnings + minority interests. These are published in local currencies and then converted into US dollars at the exchange rates at the year-end date in the results (or on 31 December 2020), so changing FX rates can affect the ranking.

We collect the data from Bankers’ Almanac, Moody’s Analytics BankFocus and the in-house research of African Business, excluding some banks where data is old or unreliable. The table below lists the Top 20 banks in the West and Central African region along with their positions in the continental ranking.

Ecobank rises in the rankings

Togo-based Ecobank Transnational Incorporated rises from #18 to #16 in the continental ranking, with capital of $2bn, while subsidiary Ecobank Nigeria ranks at #37 after an impressive climb from #46, with capital up 20% to $726m, and Ecobank Ghana is at #92, with capital of $235m.

First Bank of Nigeria ranks #17, also with $2bn. Nigeria’s Access Bank, United Bank for Africa, and Guaranty Trust Bank make a hat-trick, ranking #21, #22 and #23 respectively and unchanged from last year.

Senegal’s Bank of Africa Group ranks #30 and BGFI Bank from Gabon in Central Africa ranks #40.

Ghana scores three banks in the top 100, compared to Nigeria’s 12 banks. These are new entrant Absa Bank (Ghana) at #87, Ghana Commercial Bank (#91) and Ecobank Ghana (#92).

Regional ranking Africa ranking Bank Country Date Capital ($m) Assets ($m) Profit ($m)
1 13 Zenith bank Nigeria Dec, 2020 2,323 22,212 604
2 16 Ecobank Transnational Incorporated Togo Dec, 2020 2,024 25,939 88
3 17 First Bank of Nigeria Nigeria Dec, 2020 2,004 20,138 330
4 21 Access Bank Nigeria Dec, 2020 1,693 22,732 278
5 22 United Bank for Africa Nigeria Dec, 2020 1,610 20,161 298
6 23 Guaranty Trust Bank Nigeria Dec, 2020 1,610 12,950 528
7 30 Bank of Africa Group Senegal Dec, 2020 1,021 10,442 137
8 36 Stanbic IBTC Nigeria Dec, 2020 780 6,512 218
9 37 Ecobank Nigeria Nigeria Dec, 2019 726 5,495 3
12 40 BGFI Bank Gabon Dec, 2020 648 6,580 82
10 41 Fidelity Bank Nigeria Dec, 2020 647 7,224 70
11 42 Union Bank of Nigeria Nigeria Dec, 2020 644 5,738 49
13 56 First City Monument Bank (FCMB) Nigeria Dec, 2019 446 4,475 38
14 76 Sterling Bank Nigeria Dec, 2020 326 3,402 29
15 87 Absa Bank (Ghana) Ghana Dec, 2020 252 2,139 80
16 91 Ghana Commercial Bank (GCB) Ghana Dec, 2019 237 2,194 75
17 92 Ecobank Ghana Ghana Dec, 2019 235 2,318 78
18 93 CitiBank (Nigeria) Nigeria Dec, 2019 229 2,417 103
19 NSIA Banque-Côte d’Ivoire Côte d’Ivoire Dec, 2020 190 2,899 13
20 Banque de Developpement du Mali Mali Dec, 2019 159 1,515 23

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Africa

U.S. Signals More Strikes in Nigeria as Abuja Confirms Joint Military Campaign

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The United States has warned that further airstrikes against Islamic State targets in north-western Nigeria are imminent, as Nigerian officials confirmed that recent attacks were part of coordinated operations between both countries.

The warning came hours after U.S. forces struck militant camps in Sokoto State, an operation President Donald Trump publicly framed as a response to what he described as the killing of Christians in Nigeria. U.S. Defense Secretary Pete Hegseth said the strikes were only the beginning.

“The president was clear last month: the killing of innocent Christians in Nigeria (and elsewhere) must end,” Hegseth wrote on X. “The Pentagon is always ready, so ISIS found out tonight—on Christmas. More to come. Grateful for Nigerian government support & cooperation.”

Nigeria’s foreign minister, Yusuf Tuggar, confirmed on Friday that the strikes were carried out as part of “joint ongoing operations,” pushing back against earlier tensions sparked by Trump’s public criticism of Nigeria’s handling of insecurity.

The airstrikes followed a brief diplomatic rift after Trump accused Nigeria’s government of failing to protect Christians from militant violence. Nigerian officials responded by reiterating that extremist groups in the country target both Christians and Muslims, and that the conflict is driven by insurgency and criminality rather than religious persecution.

Speaking to Channels Television, Tuggar said Nigeria provided intelligence support for the strikes in Sokoto and described close coordination with Washington. He said he spoke with U.S. Secretary of State Marco Rubio for nearly 20 minutes before briefing President Bola Tinubu and receiving approval to proceed, followed by another call with Rubio to finalize arrangements.

“We have been working closely with the Americans,” Tuggar said. “This is what we’ve always been hoping for—to work together to combat terrorism and stop the deaths of innocent Nigerians. It’s a collaborative effort.”

U.S. Africa Command later confirmed that the strikes were conducted in coordination with Nigerian authorities. An earlier statement, later removed, had suggested the operation was carried out at Nigeria’s request.

Trump, speaking in an interview with Politico, said the operation had originally been scheduled for Wednesday but was delayed at his instruction. “They were going to do it earlier,” he said. “And I said, ‘Nope, let’s give a Christmas present.’ They didn’t think that was coming, but we hit them hard. Every camp got decimated.”

Neither the U.S. nor Nigerian authorities have disclosed casualty figures or confirmed whether militants were killed. Tuggar, when asked whether additional strikes were planned, said only: “You can call it a new phase of an old conflict. For us, this is ongoing.”

Nigeria is officially a secular state, with a population split roughly between Muslims and Christians. While violence against Christian communities has drawn increasing attention from religious conservatives in the United States, Nigeria’s government maintains that extremist groups operate without regard to faith, attacking civilians across religious lines.

Trump’s public rhetoric contrasts with his 2024 campaign messaging, in which he cast himself as a “candidate of peace” who would pull the United States out of what he called endless foreign wars. Yet his second term has already seen expanded U.S. military action abroad, including strikes in Yemen, Iran, and Syria, as well as a significant military buildup in the Caribbean directed at Venezuela.

On the ground in Sokoto State, residents of Jabo village—near one of the strike sites—reported panic and confusion as missiles hit nearby areas. Local residents said no casualties had been recorded, but security forces quickly sealed off the area.

“As it approached our area, the heat became intense,” Abubakar Sani told the Associated Press. “The government should take appropriate measures to protect us. We have never experienced anything like this before.”

Another resident, farmer Sanusi Madabo, said the night sky glowed red for hours. “It was almost like daytime,” he said. “We only learned later that it was a U.S. airstrike.”

For now, both Washington and Abuja are projecting unity. Whether the strikes mark a sustained shift in strategy—or another brief escalation in a long war—remains unclear.

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Nigeria–Burkina Faso Rift: Military Power, Mistrust, and a Region Out of Balance

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The brief detention of a Nigerian Air Force C-130 Hercules aircraft and its crew in Burkina Faso may have ended quietly, but it exposed a deeper rift shaped by mistrust, insecurity, and uneven military power in West Africa. What was officially a technical emergency landing quickly became a diplomatic and security flashpoint, reflecting not hostility between equals, but anxiety between unequally matched states navigating very different political realities.

On December 8, 2025, the Nigerian Air Force transport aircraft made an unscheduled landing in Bobo-Dioulasso while en route to Portugal. Nigerian authorities described the stop as a precautionary response to a technical fault—standard procedure under international aviation and military safety protocols. Burkina Faso acknowledged the emergency landing but emphasized that the aircraft had violated its airspace, prompting the temporary detention of 11 Nigerian personnel while investigations and repairs were conducted. Within days, the crew and aircraft were released, underscoring a professional, if tense, resolution.

Yet the symbolism mattered. In a Sahel region gripped by coups, insurgencies, and fragile legitimacy, airspace is not merely technical—it is political. Burkina Faso’s reaction reflected a state on edge, hyper-vigilant about sovereignty amid persistent internal threats. Nigeria’s response, measured and restrained, reflected confidence rooted in capacity.

The military imbalance between the two countries is stark. Nigeria fields one of Africa’s most formidable armed forces, with a tri-service structure that includes a large, well-equipped air force, a dominant regional navy, and a sizable army capable of sustained operations. The Nigerian Air Force operates fighter jets such as the JF-17 and F-7Ni, as well as A-29 Super Tucanos for counterinsurgency operations, heavy transport aircraft like the C-130, and an extensive helicopter fleet. This force is designed not only for internal security but for regional power projection and multinational operations.

Burkina Faso’s military, by contrast, is compact and narrowly focused. Its air arm relies on a limited number of light attack aircraft, including Super Tucanos, and a small helicopter fleet primarily dedicated to internal counterinsurgency. There is no navy, no strategic airlift capacity comparable to Nigeria’s, and limited logistical depth. The Burkinabè military is stretched thin, fighting multiple insurgent groups while also managing the political consequences of repeated military takeovers.

This imbalance shapes behavior. Nigeria’s military posture is institutional, outward-looking, and anchored in regional frameworks such as ECOWAS. Burkina Faso’s posture is defensive, reactive, and inward-facing. Where Nigeria seeks stability through deterrence and cooperation, Burkina Faso seeks survival amid constant internal pressure. That difference explains why a technical landing could be perceived as a “serious security breach” rather than a routine aviation incident.

The incident also illuminates why Burkina Faso continues to struggle to regain political balance. Repeated coups have eroded civilian institutions, fractured command structures, and blurred the line between governance and militarization. The armed forces are not just security actors; they are political stakeholders. This creates a cycle where insecurity justifies military rule, and military rule deepens insecurity by weakening democratic legitimacy and regional trust.

Nigeria, despite its own security challenges, has managed to avoid this spiral. Civilian control of the military remains intact, democratic transitions—however imperfect—continue, and its armed forces operate within a clearer constitutional framework. This stability enhances Nigeria’s regional credibility and amplifies its military superiority beyond hardware alone.

The C-130 episode did not escalate into confrontation precisely because of this asymmetry. Burkina Faso could assert sovereignty, but not sustain defiance. Nigeria could have asserted its capability, but chose restraint. In the end, professionalism prevailed.

Still, the rift lingers. It is not about one aircraft or one landing, but about two countries moving in different strategic directions. Nigeria stands as a regional anchor with superior military power and institutional depth. Burkina Faso remains a state searching for equilibrium—politically fragile, militarily constrained, and acutely sensitive to every perceived threat from the skies above.

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NBA pick Khaman Maluach Hoping to ‘Change the Narrative’ About Africa

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Immediately after getting drafted, Maluach was asked: “So many people, when they think about Africa, think about strife, think about war, think about not so great things about the continent, let alone South Sudan. How much of a responsibility do you think you have in changing perceptions of what people think Africa is in terms of thinking more about the resources, thinking about the people of Africa and South Sudan, specifically?”

Maluach’s native country, South Sudan, is undergoing a humanitarian crisis. His family fled the country to a suburb of Kampala, Uganda, in search of safety and opportunity during the South Sudan crisis. He now hopes to change the narrative about the region by highlighting its good parts on the world stage.

“I think about showing them the good parts of Africa,” Maluach said at the press conference after he was drafted. “I’m thinking about showing them the great places in Africa, like Kigali, whether it’s Senegal, whether it’s the safaris in Africa, and showing them the cultures we have and the people we have, which is different from the stuff they see on TV. I just want to change the narrative, the narrative of our people and how they see my continent.”

Maluach was born in Rumbek, once an important city in South Sudan that was ravaged by the country’s civil war. The 7’2″ center’s road to success was far from easy. The nearest basketball court to his house was nearly an hour’s walk away and usually packed. Moreover, he played his first game in Crocs, not basketball shoes. But his dedication was enough to catch the eye of local coaches Wal Deng and Aketch Garang.

Through the effort that he put in, Maluach made it to the NBA Academy Africa in Saly, Senegal, then to the Duke Blue Devils, and now the Suns. He hopes the moment inspires kids on the continent.

“Living in Africa, I had the whole continent on my back. Giving hope to young kids,” he said after the Suns selected him No. 10 overall.

Maluach considers basketball a gift God gave him, and hopes to finish off his NBA career as a Hall of Famer.

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